We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
LISA with transfer of equity
Options
allpunsintended
Posts: 1 Newbie
My partner has savings in a LISA intended for purchasing his first home. I already own a property (no mortgage) which we live in together. If he gets a mortgage to buy a share of my house through a transfer of equity, is he eligible to use his LISA for this? The idea of course is to release the LISA savings and bonus without incurring a penalty.
Or can anybody see another solution? We would like to release the LISA savings to finance house renovations. We don’t want to move house. We would rather not lose the LISA bonus nor incur a penalty for obvious reasons. Looking for ideas!
0
Comments
-
Don't believe there is anything that says you cannot use a LISA to buy into a partners home provided other conditions are met. e.g. 450k limit, buying with a mortgage.
Would suggest speaking to a solicitor/conveyancer to confirm the transaction will meet eligibility conditions (but can't see why it wouldn't).
1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 177K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards